Business, international

Lantau cable car ride to cover 5km route

Article Abstract:

The Mass Transit Railway Corp plans to run a cable car service in Tung Chung. The construction is scheduled to be commenced in 1999 and is expected to be completed by 2002. The cable car service will operate on a 5 km route between Tung Chung MTR station and Ngong Ping terminal. It will have a capacity of about 2,000 passengers an hour. The feasibility study and the design of the cable cars will be completed by the end of 1998. *

Comment:

Plans to run a cable car service in Tung Chung in Hong Kong, w/ construction scheduled to be completed in 2002

Investors expect lower office return rates in the next 8 to 12 months. The forecast comes from a lag between take-up and development of new office. The vacancy rates for Grade A office will increase from 9.4% at the end of 1997 to about 17% by the end of 1999. The potential occupiers are taking cautious attitude towards expansion under economic turmoil. Many developers are offering relatively low rental rates. *